While you might be all tempted to hire the services of a credit repair company to improve your credit score, you might as well do yourself some good if you exercise some caution. Credit repair companies are of major help if you know how to select the services of the right one.
Notwithstanding, you do need to understand that miracles are least likely to happen if you have a genuinely bad credit score. It is important that you are not duped while opting for credit repair service.
Consequently, you need to look for the following factors while selecting the services of a company that offers the facility of credit repair:
1. Do not select any company that demands credit repair fees before the services are provided. According to the provisions of the Credit Repair Reorganizations’ Act, a particular credit repair company can’t take any money before the promised services have been delivered. It has been seen across the board that people seldom consider these provisions before spending a fortune to get their credit scores improved.
2. Make sure that the credit repair company that you have employed knows and appreciates that you have certain ingrained rights. Also, a trustable and efficient credit repair company would never charge you for a service that you can do yourself. While the services of a credit repair company are a must for novices, it is not advisable to be absolutely ignorant about one’s rights.
3. It is important that the concerned credit repair company doesn’t advise you to stay away from contacting the three major credit reporting bureaus directly. Thus, it is better for you that you get a copy of your report before you employ a credit repair company. A trustable company has nothing to hide and consequently it wouldn’t prevent you from knowing your obvious rights.
4. Remember that any accurate and undisputed negative entry in your credit report can’t be rectified under any circumstances. It would stay no matter what you do. So, don’t fall for any company that claims otherwise. The only way you can remove the accurate negative entries is by diligently managing your credit in a time-bound fashion.
5. Never fall for any services that are based on illegal means. If the credit repair company that you have employed tells you to invent a brand new credit identity by applying for an Employer Identification Number and use it rather than using the Social Security Number, it is time to ring the alarm bell. Don’t go for anything that might land you in uncharted territory at a later date.
6. It is ill-advised to dispute all the negative entries in your credit report if they are accurate. Don’t fall for any company that tells you to file disputes concerning an accurate credit entry in the credit report. This act is not going to yield any result whatsoever except wasting your valuable time and money.
7. Look for a company that is trusted across the credit industry. Remember that the company that you are planning to hire might have to negotiate with lenders to avoid adverse reports at times. Thus, it is not only desirable but absolutely necessary as well that the appointed company has a recognizable brand value in the industry so that mutual actions could be undertaken if required.
8. Make sure that you have asked others about the services of a company before you actually hire its services. A bit of research and fact-finding might work wonders in selecting the right credit repair company and improving your credit score.